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Lenders of debt-ridden Jaypee Infratech met Thursday here to discuss bids of state-owned NBCC Ltd and Suraksha Group for the bankruptcy-bound realty firm and asked them to sweeten their offers, sources said.

NBCC, which has the backing of the government, is unlikely to increase the offer of Rs 500 crore capital infusion but is ready to help lenders in monetisation of the Yamuna Expressway and the land offered by the PSU in its resolution plan, they said.

A meeting of the committee of creditors (CoC) was held to discuss resolution plans submitted by NBCC and Suraksha Group. The CoC will soon formally write to both the bidders to submit revised bids based on the discussions held.

In the meeting, NBCC suggested that the company would complete and deliver stalled projects to homebuyers in three years instead of the earlier promise of four-five years, they said.

NBCC also said it was ready to work as project management consultant and charge fees for completing the stalled projects, while lenders could keep control of Jaypee Infratech, the sources said.

In its resolution plan submitted last month, NBCC offered 1,400 acre land worth Rs 6,000 crore as well as Yamuna Expressway to lenders.

It proposed that banks should raise about Rs 2,000 crore against the expressway and provide half of the amount (Rs 1,000 crore) to the state-owned company, which would utilise the fund as an upfront payment.

NBCC has offered to fund the gap of about Rs 1,500 crore between estimated construction cost and receivables from customers.

In contrast, Suraksha Group made an offer of about Rs 20 crore as an upfront payment and land worth Rs 5,000 crore, sources said. The Mumbai-based group promised to complete the pending projects in three years.

The National Company Law Tribunal (NCLT) in 2017 had admitted the application of a consortium led by IDBI Bank seeking resolution of Jaypee Infratech, and appointed Anuj Jain as the insolvency resolution professional (IRP) to manage the company's business and invite bids from investors.

In the first attempt under the insolvency process, lenders had rejected the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, as they found it to be substantially lower than the company's net worth and assets.

Therefore, the IRP in October 2018 started a fresh initiative to revive Jaypee Infratech on the NCLT's direction.

Sources had earlier said the settlement proposal of promoter Jaypee group would not be taken up in the CoC meet but lenders could deliberate on it separately.

Jaypee Infratech is developing about 32,000 flats, of which it has delivered 9,500 units. JAL had deposited Rs 750 crore in the registry of the Supreme Court for refund to buyers. However, this amount was transferred to the NCLT as per an order of the apex court.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)